From the course: Finance for Non-Financial Managers (2015)
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Drafting a budget
From the course: Finance for Non-Financial Managers (2015)
Drafting a budget
- Nobody likes to talk about budgeting, especially individuals who consider themselves non-numbers people. Budgeting is for the accounts to do and to worry about. Let the people who are good with the numbers worry about the numbers. Let them worry about budgeting. Well, that's one way to think about it. Another way to think about it is this. Those who demonstrate that they are good stewards over a few things will typically be given the opportunity to grow and develop, to become good stewards over many things. Individuals who are good stewards over the lifeblood of the business are valuable. And will generally be given more responsible opportunities. So let's talk about budgeting. Step one when it comes to budgeting is to write your budget down. Another way to think about a budget is just to think of it as a plan, a map, and the plan needs to be in writing. How will you know if you achieved your plan if it's not written…
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